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Buy Day today: Good (62) Broad market participation · no major macro event
AAPL

Apple Inc

Technology · Consumer Electronics · listed since 1980

337.00$ +1.4% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Delivers, pledge broken

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

Anyone holding the stock holds an operationally outstanding company with a fortress balance sheet and a product cycle in full swing — the filings offer no reason to sell. A new entry at 34 times record earnings, by contrast, is a deliberate triple bet: on the durability of the iPhone cycle, on lenient rulings on the Google contract and the App Store commission, and on the memory-cost wave not catching the margin. Whoever understands all three bets and wants to carry them buys quality at a quality price; whoever has no answer to one of them waits — for instance for the appeals ruling on the Google contract or the first quarters under the full memory-cost load. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Apple is the rare case of a value scanner hit at the all-time high of its own performance: a record half-year, an iPhone supercycle, net cash, Piotroski 8 of 9 — quality exactly as the Magic Formula loves it. Set against this are three open questions no scanner can price: whether the courts in Washington, California and Brussels leave the tollbooth intact whose licensing and commission revenue carries the highest-margin part of the profit; whether the iPhone 17 surge is a new plateau or just a wave; and whether Apple can fund the AI catch-up race without rising memory and infrastructure costs clawing back the record margin. A P/E of about 34 leaves no room for disappointment on any of the three fronts. Not investment advice.

Market position & product

The most valuable consumer ecosystem in the world: an iPhone 17 cycle with +23 percent half-year growth after four years of stagnation, a comeback in Greater China (+33 percent), plus the services tollbooth with $109.2 billion in annual revenue and a 75.4 percent gross margin (10-K FY 2025; 10-Q as of March 28, 2026).

Earning power & balance sheet

A record half-year with $254.9 billion in revenue and $71.7 billion in net income, $82.6 billion in operating cash flow, roughly $60 billion in net cash, Piotroski 8 of 9 and Altman-Z 6.6 — plus two fresh $100 billion buyback programs (10-Q as of March 28, 2026; scanner data as of July 8, 2026).

Legal & regulatory risk

Three fronts at the most profitable segment: a possible ban on commercial Google terms in the antitrust appeal, the Epic case with a temporary commission ban plus a referral to review criminal steps, a €500 million DMA fine plus a second EU proceeding threatening up to 10 percent of worldwide revenue, and on top the DOJ monopolization suit (10-K FY 2025; 10-Q as of March 28, 2026).

Clusters, costs & AI

A good half of revenue from a single product category, final assembly almost entirely at contract manufacturers in Asia, a tariff regime in permanent flux; memory costs (DRAM/NAND) are rising with an "intensifying" tendency per Apple's own filing, and the new AI risk factor names competition and cost risks of the catch-up race — with no disclosed AI revenue source (10-K FY 2025; 10-Q as of March 28, 2026).

Valuation & profit quality

A P/E of about 34, price to free cash flow of about 31, a 0.4 percent dividend yield (data as of July 8, 2026) — what is being paid for is the best half-year in company history as the new normal; the buyback machine amplifies earnings per share but does not replace growth, as fiscal years 2022 through 2024 show.

Worth Noting

Apple has an offset fiscal year (ending: last Saturday of September). "FY 2025" denotes the twelve months through September 27, 2025, the "first half of FY 2026" the six months through March 28, 2026.

Net income for FY 2024 ($93.7 billion) was depressed by the one-time tax expense of $10.2 billion from the confirmed Ireland back-tax payment (European Court of Justice ruling, September 2024); the 2025 profit jump is partly a base effect.

Price and valuation figures are dated to July 8, 2026 (about $275 per share, roughly $4,041 billion in market value); analyses are evergreen, daily prices are not a buy argument.

The scanner membership was checked twice: data as of July 8, 2026 (Greenblatt, Terry Smith, Zweig, Altman-Z Balance Sheet Fortress) and a live check on July 14, 2026 (Greenblatt and Terry Smith confirmed; the other two had since dropped out).

Read the Full Deep Dive Apple Stock: $71 Billion in Profit in Six Months — and Three Courts Are Ruling on the World's Most Profitable Tollbooth Everyone knows Apple — and that is exactly the problem: holding the product in your hand every day makes you believe you know the stock too. We read the mandatory filings instead: $416.2 billion in revenue in fiscal year 2025, a record iPhone cycle after four years of stagnation, a services segment with a 75 percent margin — but also a Google search contract whose future an appeals court is deciding, an App Store commission under fire from Epic to Brussels, a memory-chip cost surge Apple itself calls "intensifying," and a price-to-earnings ratio of about 34. Our value scanner based on Joel Greenblatt's Magic Formula lights up anyway. Not investment advice — just the instruction manual that never ships with the best-known product in the world. Read the analysis →

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AAPL since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

52-week range: 237.90 $ to 340.10 $ · Last price: 337.00 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 4,949.6$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 14,594m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 99.8%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 1.1

Performance

Perf. 1M ?Price performance over the last month. -9.80%
Perf. 3M ?Price performance over the last 3 months. 13.30%
Perf. 6M ?Price performance over the last 6 months. 3.10%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 8.50%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -13.3%
Perf. 1Y ?Price performance over the last 12 months. 41.53%
Perf. 3Y ?Price performance over the last 3 years. 95.16%
Perf. 5Y ?Price performance over the last 5 years. 136.55%
Perf. 10Y ?Price performance over the last 10 years. 1,182.31%
Perf. Since Inception ?Price performance since the first available trading day (12/12/1980) — with a complete history, that is since the IPO. 343,427.01%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 318.30$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 319.70$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 286.10$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 65.4
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 21.2%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 25.1%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 41.9
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 34.7
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 2.7
P/B ?Price-to-book ratio: market value relative to book equity. 46.3
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 10.6
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 29.1
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 36.2

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 48.7%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 32.3%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 27.6%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 141.5%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 27.1%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 28.7%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.8
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. fortress balance sheet 6.62
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. very solid 8 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 16.60%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 21.80%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 6.43%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 8.81%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 9.70%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.33%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 1.06$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 12.2%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 13Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 13Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 65
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 67
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (67 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Consumer Electronics

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Apple Inc AAPL 4,949.6 41.9 29.1 48.7 32.3 6.4 41.5
Sony Group Corp SONY 139.4 20.2 8.2 32.3 16.7 2.1 -14.4
Xiaomi Corp ADR XIACY 85.4 17.8 11.6 21.4 4.0 21.6 -54.5
Sonos Inc SONO 1.9 – 13.5 45.0 -9.1 -4.9 6.5
Turtle Beach Corporation TBCH 0.3 612.8 13.3 37.6 – -14.2 -16.4
GoPro Inc GPRO 0.2 – 129.5 27.7 -37.2 -18.7 -45.5
Vuzix Corp Cmn Stk VUZI 0.2 – -1.1 -9.6 – 9.1 16.0
Zepp Health Corporation ZEPP 0.1 – -0.5 38.6 -33.9 36.1 -90.8
UTime Limited FXHO 0.1 – -0.2 -1.0 11.2 45.8 -99.8
Median of companies shown 0.3 31.1 11.6 32.3 4.0 6.4 -16.4

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 215,639 $M 2016 · Operating income: 60,024 $M 2016 · Net income: 45,687 $M 2017 · Revenue: 229,234 $M 2017 · Operating income: 61,344 $M 2017 · Net income: 48,351 $M 2018 · Revenue: 265,595 $M 2018 · Operating income: 70,898 $M 2018 · Net income: 59,531 $M 2019 · Revenue: 260,174 $M 2019 · Operating income: 63,930 $M 2019 · Net income: 55,256 $M 2020 · Revenue: 274,515 $M 2020 · Operating income: 66,288 $M 2020 · Net income: 57,411 $M 2021 · Revenue: 365,817 $M 2021 · Operating income: 108,949 $M 2021 · Net income: 94,680 $M 2022 · Revenue: 394,328 $M 2022 · Operating income: 119,437 $M 2022 · Net income: 99,803 $M 2023 · Revenue: 383,285 $M 2023 · Operating income: 114,301 $M 2023 · Net income: 96,995 $M 2024 · Revenue: 391,035 $M 2024 · Operating income: 123,216 $M 2024 · Net income: 93,736 $M 2025 · Revenue: 416,161 $M 2025 · Operating income: 133,050 $M 2025 · Net income: 112,010 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 215,639 60,024 45,687 2.08 65,824 128,249 321,686
2017 229,234 61,344 48,351 2.30 63,598 134,047 375,319
2018 265,595 70,898 59,531 2.98 77,434 107,147 365,725
2019 260,174 63,930 55,256 2.97 69,391 90,488 338,516
2020 274,515 66,288 57,411 3.28 80,674 65,339 323,888
2021 365,817 108,949 94,680 5.61 104,038 63,090 351,002
2022 394,328 119,437 99,803 6.11 122,151 50,672 352,755
2023 383,285 114,301 96,995 6.13 110,543 62,146 352,583
2024 391,035 123,216 93,736 6.08 118,254 56,950 364,980
2025 416,161 133,050 112,010 7.47 111,482 73,733 359,241

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 124,300.0 $M Q4 2025: Q1 · 95,359.0 $M Q1 2025: Q2 · 94,036.0 $M Q2 2025: Q3 · 102,466.0 $M Q3 2025: Q4 · 143,756.0 $M Q4 2026: Q1 · 111,184.0 $M Q1 2026: Q2 · 109,417.0 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 2.40 10.10 124,300 4.00 29.20 29,935 26,995
2025: Q1 1.65 7.70 95,359 5.10 26.00 23,952 20,881
2025: Q2 1.57 12.20 94,036 9.60 24.90 27,867 24,405
2025: Q3 1.83 91.40 102,466 7.90 26.80 29,728 26,486
2025: Q4 2.84 18.50 143,756 15.70 29.30 53,925 51,552
2026: Q1 2.00 21.70 111,184 16.60 26.60 28,702 26,731
2026: Q2 2.02 28.70 109,417 16.40 27.20 34,369 31,914

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 7 of our scanner strategies — each hit links to the scanner.

Backtested Scanners

Best Hits

Growth

Quality & Balance Sheet

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 48
Price Target (average) 325.66$
Distance to price -3.4% The price target sits 3.4% below the current price.

Distribution of Recommendations

Strong Buy 23
Buy 7
Hold 16
Sell 1
Strong Sell 1

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
09/30/2026 8.82 8.28 – 9.04 477,766 18.4% 40
09/30/2027 9.57 8.69 – 10.67 526,389 8.4% 40

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 15.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $136.68B
Market cap $4.95T
Free cash flow in year ten $591.79B
Terminal value as a share of market value 63.0%

For comparison: over the past five years free cash flow grew by 6.1% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Uses AI

Fortgeschrieben am 11.08.2026 gegen den Quartalsbericht (10-Q) zum 27.06.2026 (eingereicht 31.07.2026), den 10-Q zum 28.03.2026, den Geschäftsbericht (10-K) für das Geschäftsjahr 2025 (31.10.2025) und den 10-K für 2024 (01.11.2024). Befund unverändert „Nutzt KI“, die Beleglage ist aber deutlich dichter geworden: Apple hat im jüngsten Quartal mit den Systemen der Generation 27 „Siri AI“ eingeführt — der Bericht führt sie unter den Produktankündigungen, nicht unter den Erlösquellen —, begründet den Anstieg der Forschungsausgaben um 32 Prozent auf 11,7 Milliarden US-Dollar erstmals ausdrücklich mit „Investitionen in Künstliche Intelligenz“ und hat das Beschaffungs-Risikokapitel um Rechenleistung erweitert: Das Unternehmen räumt darin ein, für seine KI- und Machine-Learning-Angebote neben eigenen Rechenzentren auf Cloud-Anbieter Dritter angewiesen zu sein und Kapazität womöglich nicht zu wirtschaftlich vertretbaren Bedingungen sichern zu können. Kein „verkauft“: In keinem Filing wird KI als eigene Umsatzquelle ausgewiesen — weder in der Geschäftsbeschreibung (Erlösquellen sind Geräte, App Store, Werbung/Lizenzen, iCloud, AppleCare, Zahlungsdienste) noch in der Ertragslage; auch „Siri AI“ trägt keinen eigenen Umsatzausweis, und der 10-K für 2025 erwähnt „Apple Intelligence“ nicht einmal namentlich. Kein „bedroht“: Die KI-Passagen betreffen Risiken der EIGENEN KI-Anstrengungen (Wettbewerb und Strategie, Wiedererwirtschaftung der Kosten, Beschaffung von Rechenleistung, Produkthaftung, IP, Datenschutz, Regulierung) — kein Filing benennt KI als Bedrohung des eigenen Geschäftsmodells. Nach der Vorrang-Regel bleibt: „Nutzt KI“ — KI als Produktbestandteil und operatives Werkzeug, finanziert aus der Marge, ohne ausgewiesene KI-Erlöse.

View the full file — quotes, sources, reviewed filings
„The Company’s business, including its artificial intelligence and machine learning offerings, also depends on access to sufficient computing resources. Demand for cloud computing and artificial intelligence infrastructure has increased substantially across the technology industry, resulting in constrained supply, extended lead times, and increasing costs. In addition to its own data center infrastructure, the Company relies on third-party cloud service providers to meet these compute needs, and the Company may be unable to secure sufficient capacity on commercially reasonable terms, or at all, to meet customer demand."

Das Geschäft des Unternehmens, einschließlich seiner Angebote im Bereich Künstliche Intelligenz und maschinelles Lernen, hängt zudem vom Zugang zu ausreichender Rechenleistung ab. Die Nachfrage nach Cloud-Rechenleistung und KI-Infrastruktur ist in der gesamten Technologiebranche erheblich gestiegen, was zu knappem Angebot, längeren Lieferzeiten und steigenden Kosten führt. Neben der eigenen Rechenzentrums-Infrastruktur greift das Unternehmen auf Cloud-Anbieter Dritter zurück, um diesen Rechenbedarf zu decken, und es könnte dem Unternehmen nicht gelingen, ausreichende Kapazität zu wirtschaftlich vertretbaren Bedingungen — oder überhaupt — zu sichern, um die Kundennachfrage zu bedienen. (Neuer Risikofaktor im Quartalsbericht zum 27.06.2026, Part II, Item 1A.)

10-Q · 2026-07-31 · View SEC filing

„Research and development (“R&D”) expense increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher infrastructure-related costs, including investments in artificial intelligence, and headcount-related expenses."

Die Forschungs- und Entwicklungsaufwendungen stiegen im dritten Quartal und in den ersten neun Monaten 2026 gegenüber den Vergleichszeiträumen 2025 vor allem wegen höherer infrastrukturbezogener Kosten, einschließlich Investitionen in Künstliche Intelligenz, sowie personalbezogener Aufwendungen. (Die Forschungsausgaben lagen im Quartal bei 11,7 Milliarden US-Dollar, plus 32 Prozent.)

10-Q · 2026-07-31 · View SEC filing

„During the third quarter of 2026, the Company announced iOS 27, macOS® 27 Golden Gate, iPadOS® 27, watchOS® 27, visionOS® 27 and tvOS® 27, and introduced Siri AI."

Im dritten Quartal 2026 kündigte das Unternehmen iOS 27, macOS® 27 Golden Gate, iPadOS® 27, watchOS® 27, visionOS® 27 und tvOS® 27 an und führte Siri AI ein. (Aufgeführt unter „Business Seasonality and Product Introductions“ — als Produktankündigung, nicht als Erlösquelle.)

10-Q · 2026-07-31 · View SEC filing

„Interoperability and other requirements have in the past, and may in the future, cause the Company to not launch or maintain products, services and features, such as Siri AI, in certain jurisdictions."

Interoperabilitäts- und andere Anforderungen haben in der Vergangenheit dazu geführt und können künftig dazu führen, dass das Unternehmen Produkte, Dienste und Funktionen — etwa Siri AI — in bestimmten Rechtsordnungen nicht einführt oder nicht weiter anbietet.

10-Q · 2026-07-31 · View SEC filing

Filings Reviewed: 10-Q 2026-07-31 · 10-Q 2026-05-01 · 10-Q 2026-01-30 · 10-Q 2025-08-01 · 10-K 2025-10-31 · 10-K 2024-11-01

Rated on August 11, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Across ten calls from 2024-Q2 to 2026-Q3, Apple met or beat its revenue guidance in every single following quarter, in some cases by a wide margin. On the numbers side the communication is precise, verifiable and consistent across quarters. One dated pledge was nonetheless broken: the personal Siri, announced in January 2025 for the coming months, only reaches customers in autumn 2026. The long-standing net cash neutral target was abandoned in April 2026 - but it never carried a date, and its removal was stated openly on the call and explained. On the payments from its search engine partner Apple withholds the magnitude, while pointing each time to the pending court proceedings.

Red flags Delivers, pledge broken 10 calls reviewed, 2024-Q2 through 2026-Q3 · As of August 2, 2026

Personal Siri: two years between pledge and delivery

In the 2024-Q3 call Tim Cook described the staggered launch of Apple Intelligence exactly as it had been announced in June. In the 2024-Q4 call he said verbatim that the company was exactly on what it had said at the developer conference and was executing well. In the 2025-Q1 call Cook said, verbatim, that the personal Siri was coming over the next several months. In the 2025-Q2 call the reversal came: more time was needed. No warning had been given in any earlier call. Asked directly for the cause (organisation, legacy software stack or R&D budget), Cook listed the features already shipped and said it was simply taking a bit longer and there was no other reason; the CFO added that R&D was not being underfunded. From 2025-Q3 the pledge moved to next year, in 2026-Q1 it emerged that the new Siri rests on a collaboration with Google, and only in the 2026-Q3 call did it reach a public beta with shipping in autumn 2026 - still unavailable in the EU and in China.

Net cash neutral: reaffirmed, then openly abandoned

In the 2024-Q2 call the net cash neutral target was explicitly confirmed, with net cash at 58bn USD. Apple never named a date: asked in that very call, CFO Luca Maestri replied that the company was working hard to get there, that it would still take a while, and that once there it would reassess the optimal capital structure. In the 2024-Q4 call an analyst asked why net cash had been stuck at around 50bn USD for two years - the answer addressed operating expenses and margin, not a timeline. In the 2025-Q2 call the target was reaffirmed alongside the buyback increase, net cash 35bn USD. After that the trend reversed: 31bn USD in 2025-Q3, 34bn USD in 2025-Q4, 54bn USD in 2026-Q1. In the 2026-Q2 call, at 62bn USD, the target was dropped - not quietly, but in the CFO's prepared remarks and explained at length when questioned: cash and debt would in future be evaluated independently because that allows economically better decisions. In the same breath the board authorised a further 100bn USD for buybacks and raised the dividend by 4 percent. Buyback volume fell in the same quarter from 25bn to 11bn USD; the call gave a reason for that too, the CEO transition announced shortly before.

Search partner payments: never quantified

In four calls - 2024-Q4, 2025-Q2, 2025-Q3 and 2025-Q4 - analysts asked about the size, the risk or the fallback options around the payments from the search engine agreement. A figure never came. The reason given was the same every time and is defensible: the pending antitrust case against the partner, on whose outcome management would not speculate. In the 2025-Q2 call Tim Cook did at least name the risk explicitly as real and the outcome as unclear. Cook's well-known line from the 2025-Q4 call, that he was dodging the question intentionally, did not refer to the search payments but to the follow-up asking whether, inside the advertising category, first-party and third-party business had each set records individually; he supplied the reason in the same sentence, that Apple does not split at that level, and had just disclosed that the advertising category as a whole set a record. That reporting granularity applies consistently at Apple, no sub-line of Services or Wearables is broken out separately. A plus for investors: in the 2025-Q3 call Apple disclosed explicitly that the revenue guidance assumes the continuation of exactly this agreement.

Vision Pro: from flagship to footnote

In the 2024-Q2 to 2024-Q4 calls Vision Pro was a focus of the prepared remarks with six to seven mentions each, dedicated paragraphs and corporate customers as evidence; in the 2024-Q2 call it was said that more than half of the 100 largest US corporations had already bought units. After that its presence declined, though not evenly: three mentions in 2025-Q1, six again in 2025-Q2, five in 2025-Q3, two in 2025-Q4. In the 2025-Q3 call an analyst had to point out explicitly that Vision Pro had received too little airtime in the prepared section. In the 2026-Q1 and 2026-Q2 calls the product did not appear once, and in the 2026-Q3 call only in a footnote on accessibility. A separate revenue or unit figure was never given - but that matches the company's reporting practice: Apple has published unit figures for no product at all since 2018, and revenue is reported only at segment level, which is why Watch and AirPods get no separate figure either.

Counterweight: the guidance itself was delivered throughout

On the numbers the record is clean. In all nine verifiable handovers from 2024-Q2 to 2026-Q3 the revenue guidance was met or beaten. The largest upside deviation came in the 2025-Q2 call, where low to mid single digit growth was guided for the June quarter and ten percent was delivered in 2025-Q3. The pledges given in the 2025-Q4 call for the December quarter - best quarter ever, best iPhone quarter ever, return to growth in China - were all exceeded in 2026-Q1 with 143.8bn USD, iPhone up 23 percent and Greater China up 38 percent. The tariff cost estimates were also precise (0.9bn guided, 0.8bn paid; 1.1bn guided and hit exactly). Two exceptions: operating expenses came in above the stated range in both 2025-Q4 and 2026-Q2, and in 2026-Q2 the CFO acknowledged this himself.

Management promises

  • 2024-Q3 — Apple Intelligence starts in autumn 2024 in US English, with further features and languages following over the next year. Delivered on the dot: first features at the end of October 2024, international English and the chatbot integration in December 2024, eight further languages in April 2025 - each exactly on the dates named in the 2024-Q4 and 2025-Q1 calls. kept
  • 2025-Q1 — The personal Siri is coming over the next several months. Broken. Four months later, in the 2025-Q2 call, it was said without substantive explanation that more time was needed; from 2025-Q3 it was pushed to the following year. The new Siri only reached users as a public beta in July 2026, shipping in autumn 2026 - roughly eighteen months after the pledge and without the EU and China. broken
  • 2025-Q3 — Tariff costs for the September 2025 quarter will amount to about 1.1bn USD. Confirmed exactly in the 2025-Q4 call: 1.1bn USD, explicitly in line with the company's own estimate. The prior-quarter estimate of 0.9bn USD was likewise not exceeded, with 0.8bn USD actually paid. kept
  • 2025-Q4 — The December quarter will be the best quarter in company history and the best iPhone quarter ever; Greater China will return to growth. Clearly exceeded. The 2026-Q1 call reported 143.8bn USD in revenue (up 16 percent versus the 10 to 12 percent guided), iPhone up 23 percent and Greater China up 38 percent. Gross margin also came in above the upper bound of the guidance. kept
  • 2026-Q3 — Siri AI will ship to all users in autumn 2026; no date exists yet for the EU and China. Still open. The public beta is running and the autumn date stands. For the EU, the 2026-Q3 call says talks with the commission are ongoing; in China only the original AI features were cleared in July 2026, with approval for Siri AI still pending. Given the history, this pledge belongs under observation. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q2 through 2026-Q3.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

6 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 1.8%
  • More than 10% revenue growth is expected for the coming year 8.8%
  • Share count grows by less than 3% a year -2.8%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 30.2%
  • Gross margin at 40% or higher and without meaningful erosion 46.9%
  • Goodwill from acquisitions does not grow faster than revenue 0.0%
  • Net debt below twice EBITDA 0.4 x EBITDA
  • Operating cash flow covers the profits of the last three years 37,538 m
  • Return on capital at 15% or higher, or up versus two years ago 68.7%
  • Insiders hold at least 10% or are net buyers 1.6%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

10/10 Quality stock

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 7.6%
  • Exp. sales growth 3Y > 5% 12.5%
  • EBIT growth 10Y > 5% 9.2%
  • Exp. EBIT growth 3Y > 5% 13.2%
  • Net debt < 4x EBIT 0.4x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 9.8%
  • Return on equity > 15% 151.9%
  • ROCE > 15% 68.7%
  • Expected return > 10% 15.5%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 8, 2026 Newstead Jennifer SVP, GC and Government Affairs Sell 1,438 317.23 456,177
Sep 1, 2026 Newstead Jennifer SVP, GC and Government Affairs Sell 1,439 317.01 456,177
Aug 25, 2026 Newstead Jennifer SVP, GC and Secretary Sell 1,439 310.95 447,457
Aug 18, 2026 Newstead Jennifer SVP, GC and Secretary Sell 1,439 307.49 442,478
Aug 11, 2026 Newstead Jennifer SVP, GC and Secretary Sell 1,439 307.75 442,852

View all insider transactions →

The company

About the Company

Apple Inc. entwickelt, fertigt und vermarktet weltweit Smartphones, PCs, Tablets, Wearables und Zubehör.

Employees
150,000
Headquarters
Cupertino, CA
Address
One Apple Park Way, 95014 Cupertino, United States
Phone
(408) 996-1010
Website
apple.com
IPO Date
12/12/1980
ISIN
US0378331005
Stock Split
4:1 on 08/31/2020
Stock Split
7:1 on 06/09/2014
Stock Split
2:1 on 02/28/2005

Management

Management
Name Title Birth Year
Timothy D. Cook Executive Chairman of the Board 1961
Kevan Parekh Senior VP & CFO 1972
Sabih Khan Senior VP & Chief Operating Officer 1967
Deirdre O'Brien Senior Vice President of Retail & People 1967
Katherine L. Adams Secretary 1964
John Ternus CEO & Director 1976
Ben Borders Principal Accounting Officer 1981
Suhasini Chandramouli Director of Investor Relations –
Jennifer G. Newstead J.D. Senior VP & General Counsel 1970
Kristin Huguet Quayle Vice President of Worldwide Communications –

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 07/30/2026 Apple Inc. (AAPL): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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